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Spring Statement 2018

In a cut down statement, Chancellor Philip Hammond gave an update on the overall health of the economy and the Office for Budget Responsibility (OBR) forecasts, and outlined progress made since the Autumn Budget 2017.

OBR’s Economic and fiscal outlook suggested that the public finances ‘…have reached a turning point, with borrowing down and the first sustained fall in debt for 17 years’. Growth was revised upwards, and the Chancellor suggested there was "...light at the end of the tunnel".

Extending the current tax relief to support self-employed people and employees when they fund their own training.

In response, Labour's shadow chancellor John McDonnell claimed that austerity was a political choice not an economic necessity and that publicservices were in "…a crisis on a scale we have never seen before".

Ben Derbyshire, RIBA President, said; “We welcome positive news on the British economy, but to restore business confidence and secure long-term investment we urgently need the Government to address growing uncertainty about what Brexit will mean for architects and architecture in the UK."

Melanie Rees, Chartered Institute of Housing head of policy, said; "In his statement the chancellor said that the government’s focus on reducing the national debt is to give the next generation a chance, but unless we quickly start to build more of the right homes in the right places then the next generation will have absolutely no chance of getting access to a home that they can afford."